Thursday, April 30, 2015
Saturday, April 25, 2015
Friday, April 24, 2015
Insurance Cover to Disabled Persons
Insurance Cover
to Disabled Persons
As per
Insurance Regulatory and Development Authority of India (IRDAI) mentally
challenged people get covered under medical insurance policies sold by Public
Sector General Insurance Companies (PSGICs). Presently, the PSGICs provide
mental illness cover to children if covered with or both parents simultaneously
in the policy. Some PSGICs also provide mental illness cover to the persons
under Employer-Employee Group Health Insurance Policies. While Life Insurance
Risk coverage is offered to handicapped and mentally challenged persons by the
life insurance companies (both public sector and private sector) based on their
board approved underwriting policy, the disclosures made in the proposal form,
every life insurance company will rate the persons to be insured from the point
of view of risk assessment and underwriting as standard or sub-standard lives in
order to determine acceptance of proposal and the premium to be charged. While
there are no restrictions for providing insurance facilities to handicapped and
mentally challenged persons, it is the professional decision of the insurance
company based on their own risk bearing capacity and approach. There are no
specific Regulations/Guidelines issued by the Authority in this regard.
The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC) that provides life/accident insurance protection to the rural and urban poor persons (including rural landless households) and people belonging to certain identified vocational groups. One such identified vocation is “Physically Handicapped Self-Employed Persons”.
IRDAI has also notified IRDA (Rural and Social Sector Obligations) 2002 mandating every insurer to cover the specified number of lives from the defined social sector market segment. Of the categories of lives that are defined as social sector lives, “other categories of persons” is one of the categories, which includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and who may not be gainfully employed; and also includes guardians who need insurance to protect spastic persons or persons with disability.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.
*****
The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC) that provides life/accident insurance protection to the rural and urban poor persons (including rural landless households) and people belonging to certain identified vocational groups. One such identified vocation is “Physically Handicapped Self-Employed Persons”.
IRDAI has also notified IRDA (Rural and Social Sector Obligations) 2002 mandating every insurer to cover the specified number of lives from the defined social sector market segment. Of the categories of lives that are defined as social sector lives, “other categories of persons” is one of the categories, which includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and who may not be gainfully employed; and also includes guardians who need insurance to protect spastic persons or persons with disability.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.
Wednesday, April 22, 2015
GPF Interest rate 8.7%
PROVIDENT FUND
INTEREST RATE 2015-16 FIXED AT 8.7%
MINISTRY OF FINANCE
Government Decides
to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar
Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government
Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16.
It was decided by the Government to link the interest rates of State PFs
(General Provident Fund and other similar funds) including Special Deposit
Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and
Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In
pursuance of that decision, the Government has decided to fix the rates 8.7%
per annum applicable to the
following:-
· The
General Provident Fund (Central Services).
· The Contributory
Provident Fund (India).
· The All India Service
Provident Fund.
· The State Railway
Provident Fund.
· The General Provident
Fund (Defence Services).
· The Indian Ordnance
Provident Fund.
· The Indian Ordnance
Factories Workmen’s Provident Fund.
· The Indian Naval
Dockyard Workmen’s Provident Fund.
· The Defence Services
Officers Provident Fund.
· The Armed Forces
Personnel Provident Fund.
The rate of interest is applicable to the above funds w.e.f. 1st April,
2015 and until further orders
Tuesday, April 21, 2015
Monday, April 20, 2015
30th biennial conference of Karimnagar Division held on 19/04/2015.
Sri. P.Krishna Reddy Elected as Secretary
Sri. B.Sathyanarayana Goud Elected as president
Glance pics of Conference :
Sri. B.Sathyanarayana Goud Elected as president
Glance pics of Conference :
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